Barrick Gold reports Q1 profit and revenue up from year ago

By The Canadian Press on May 1, 2024.

TORONTO – Barrick Gold Corp. reported a first-quarter profit attributable to equity holders of US$295 million, up from US$120 million a year earlier.

The gold miner, which keeps its books in U.S. dollars, says the profit amounted to 17 cents US per diluted share for the quarter ended March 31, up from seven cents US per diluted share in the same quarter last year.

Revenue for the quarter totalled US$2.75 billion, up from US$2.64 billion a year earlier.

Barrick says its gold production in the quarter amounted to 940,000 ounces, down from 952,000 in the same quarter last year, while copper production totalled 40,000 tonnes, unchanged from a year earlier.

The company realized US$2,075 per ounce of gold in the quarter, up from US$1,902 in the same quarter last year, and US$3.86 per pound of copper, down from $4.20 per pound a year earlier.

On an adjusted basis, Barrick says it earned 19 cents US per share in its latest quarter, up from an adjusted profit of 14 cents US per share a year earlier.

This report by The Canadian Press was first published May 1, 2024.

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